This dominance is due to Bitcoin's lower risk and its leading role in the early stages of the crypto cycle. Solana spiked 7.72% daily and 38.57% weekly.īNB decreased by 1.46% in 24 hours but gained 5.48% weekly.ĬoinDesk's Market Index increased by 1.17% to 1,370.09, and open interest rose by 2.59% to $29.41 billion.īitcoin's fear & greed index is at 71, indicating greed, and it's similar on .īitcoin's market share hit a 30-month high on October 25, 2023, as it outperforms altcoins. "In the last 24 hours, the crypto market surged, led by Bitcoin's dominance, and the potential for a $1 trillion Bitcoin spot ETF.Īs of October 26, 2023, Bitcoin rose by 1.80% to $34,494.22, with a 21.76% weekly gain.Įthereum saw a 0.19% daily increase and a 14.27% weekly rise. The recent move by the SEC to not appeal a court decision rejecting Grayscale Investments' proposal to convert an existing Bitcoin trust into a spot Bitcoin ETF has further fueled this anticipation. Other notable companies such as BlackRock, Bitwise, WisdomTree, Fidelity, and Invesco have pending Bitcoin fund applications in the United States, increasing anticipation around Bitcoin ETFs. He highlighted this during a statement quoted by Yahoo Finance on Friday, October 27, 2023.Ĭathie Wood's ARK Invest stands at the forefront, with the SEC's 240-day comment period for their application ending on January 10, 2024, marking the deadline for regulator approval or rejection. SEC Chair Gensler mentioned the uncertainty regarding the timing of decisions on these applications, indicating that the five-member commission has varying submission dates. The world's largest cryptocurrency experienced a 1.6% drop to $33,958 after rising nearly 14% throughout the week. Until now, the SEC has only approved ETFs related to Bitcoin futures contracts. The possibility of this approval is seen as a catalyst, prompting increased demand due to the accessibility it offers to investors seeking exposure to the crypto market. This week witnessed a surge in Bitcoin's value amid speculation surrounding the SEC's potential approval of exchange-traded Bitcoin funds. The anticipation grows as this could open doors for investors seeking direct exposure to cryptocurrencies through exchange-listed products. In the latest development, the SEC is addressing ten applications for Bitcoin ETF products, potentially marking a significant milestone for Bitcoin's legitimization in the financial market. "SEC Handling 10 ETF Bitcoin Product Applications: What This Means for Cryptocurrency Investors"
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